Okeanis Eco Tankers Corp. ("OET" or the "Company") announces that it has signed
a memorandum of agreement for the sale of the VLCC crude tankers Nissos
Santorini and Nissos Antiparos (the "second-hand VLCCs", built in 2019 at
Hyundai Heavy Industries, South Korea) to an unaffiliated third party (the
"Sale") for a net consideration of $180 million (the "Sale Price"). The Sale was
concluded on a charter-free basis, and is anticipated to be completed upon
delivery of the final vessel to her new owners by latest November 2021.

In addition, the Company has entered into an agreement to acquire two
ECO-design, open loop scrubber-fitted 300,000 DWT VLCC crude tankers ("resale
VLCCs") under construction at Hyundai Heavy Industries, South Korea (the
"Acquisition") from entities controlled by OET's Chairman and Chief Executive
Officer, Mr. Ioannis Alafouzos (the "Sponsor"), for $194 million (the
"Acquisition Price") delivering in Q1 2022 and Q2 2022, respectively. The resale
VLCCs are designed to operate on alternative fuels, including Biofuel, and to be
retrofitted to consume lower carbon fuels such as LNG or Methanol once the
required technology, bunkering infrastructure and regulatory framework is in
place. The resale VLCCs are compliant with EEDI Phase 2 requirements and fitted
with a Low Pressure SCR for NOx compliance.

The M&A subcommittee of the Company's Board of Directors (the "Board") -
majority-composed of Investor Directors - deemed that the three-year,
age-adjusted Acquisition Price ($97 million/VLCC) compared very favourably to
the Sale Price ($90 million/VLCC), and estimated that the Acquisition will be
immediately accretive to the Company's net asset value upon delivery of the
resale VLCCs in 2022.

The Company has received firm indications for low cost, high LTV delivery
financing from multiple large and reputable financial institutions, and
calculates that the anticipated capital structure of the resale VLCCs will
reduce daily cash breakeven costs (and thus enhance cash generation) by $3,100
per ship and accelerate equity build-up by approximately $1 million p.a. per
ship relative to the current lease financing of the second-hand VLCCs despite
carrying (roughly) the same leverage. The Sale and Acquisition will also reduce
the already industry-low average age of the Company's fleet and improve its
emissions performance.

The Sale is expected to generate net proceeds of approximately $40 million after
repayment of lease financing outstanding at delivery. Upon completion of the
Sale, the Board intends to propose a shareholder distribution(s) of $20-23
million and OET will pay the Sponsor $17 million, representing the difference
between the Acquisition Price and $177 million (the "Original Contract Price").
Additionally, in connection with the Acquisition, OET and the Sponsor have
agreed that repayment of twenty percent of the resale VLCCs' Original Contract
Price -- $35 million -- settled between the Sponsor and the shipyard may be
deferred, at OET's sole discretion, to any date before the end of June 1, 2024
at a cost of 3.5% fixed interest p.a. on the outstanding amount commencing from
the date of the resale VLCCs' delivery. The distribution(s) will be achieved
through a write-down of paid-in capital, which requires Board approval only and
is not a taxable event.

Lastly, OET announces that it has entered into an agreement to replace its time
charters on the VLCCs Nissos Rhenia and Nissos Despotiko.

In exchange, OET has agreed to undertake the following actions:
o	Transfer the remaining ~2.0 year time charter of the VLCC Nissos Keros to a
leading international energy company to the Nissos Despotiko and accelerate debt
repayment of the Nissos Despotiko lease by $1.8m p.a. over the next two years